U.S.-listed bitcoin miners have surged to a historic market capitalization of $22.8 billion as of June 15, according to a recent report by JPMorgan analysts.
In their Monday report to clients, analysts Reginald Smith and Charles Pearce highlighted that the 14 U.S.-listed stocks have shown significant gains in the first half of June. Core Scientific leads with a remarkable 117% increase, followed by TeraWulf and IREN with gains of 80% and 70%, respectively. However, Argo Blockchain has experienced a 7% decline, underperforming against a 3% drop in bitcoin prices this month.
Marathon Digital currently holds the top position among U.S.-listed bitcoin miners with a market capitalization of $5.3 billion, followed closely by CleanSpark at $4 billion and Riot Platforms at $3 billion.
The sector’s aggregate market capitalization has surged by 24%, amounting to $4.4 billion since the end of May, driven partly by investor response to the strategic partnership between Core Scientific and CoreWeave. Despite CoreWeave’s $1.6 billion bid to acquire Core Scientific at a 55% premium above market price, the offer was rejected. This move follows a landmark $3.5 billion partnership enabling CoreWeave to integrate its AI services within Core Scientific’s data centers.
In response to the bitcoin halving in April, which reduced miners’ block rewards by 50%, firms like Hut 8 and IREN are diversifying into AI initiatives to bolster revenues. These efforts aim to offset the impact of reduced bitcoin supply growth, from 900 to 450 new coins daily.
“This surge in market capitalization underscores growing investor confidence in U.S.-listed bitcoin miners amid evolving strategies to harness both cryptocurrency mining and AI technologies,” noted JPMorgan analysts.